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Home Health & Hospice Week

Industry Notes:

Industry Earnings Mixed After Rate Cuts, Investigations

Published on Fri Feb 04, 2011

Amedisys sees earnings dip. The 5 percent rate cut that took effect Jan. 1 managed to take a bite out of publicly traded companies' 2010 earnings, thanks to episodes that began in the end of 2010 but didn't end until the new year. Industry giant Gentiva Health Services saw its revenues increase sharply, from $310 million in the fourth quarter of 2009 to $465 million in the quarter ending Dec. 31, 2010. Much of that increase was due to Gentiva's $1 billion acquisition of hospice chain Odyssey Healthcare Inc. last August. Gentiva's profit grew from $8.7 million to $16.2 million during that time period, the Atlantabased national chain says in a release. Baton Rouge, La.-based Amedisys Inc. reported net income of $22.3 million on revenues of $394.3 million for the quarter. That's down from a profit of $38 million on $405.5 million in revenues for the same period in 2009. [...]
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